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Advocacy: Interstate Compact | NAIFA
Advocacy Insurance Regulatory Reform

Interstate Insurance Product Regulation Compact (Interstate Compact)


Click on image for larger Interstate Compact Map

Interstate Insurance Product Regulation Compact

The Interstate Compact is intended to improve the speed-to-market conditions for life insurance, annuity, disability income and long-term care products by establishing a single point-of-filing for product review. The ability to obtain approval from a single source for the sale of insurance products in several states gives insurers a more efficient regulatory process than the current multistate product review system. Faster product review will benefit NAIFA members by making new products available for sale to consumers sooner.

NAIFA supports the Interstate Compact. NAIFA members, consumers and insurers will all benefit because new insurance products satisfying uniform standards will be available sooner. A single point-of-filing for product review will also free up insurance department resources to address other important issues. NAIFA has represented agents in the development of the Compact and the Compact commission's rules and bylaws by submitting multiple written comments to the NAIC and the Compact commission and by testifying at NAIC and Compact commission public hearings. NAIFA and AHIA currently serve as the only agent groups on the Compact commission industry advisory committee, which assists with the operation of the Compact commission. NAIFA encourages its members to support adoption of the Compact in every state and assists state associations with this effort.

NAIC adopted the Compact as a model law in July 2003. With NAIFA's participation the Compact has been endorsed by the National Conference of Insurance Legislators, as well as by the National Conference of State Legislatures. The Compact has been adopted in 31 states and is under consideration in several others. The Compact became operational in 2006 when it was adopted by 26 states (states with over 40 percent of the premium volume for the covered products). The Compact commission continues to develop rules for its operations and uniform standards for certain product lines. NAIFA is participating in the development of these rules and standards. The Compact commission received its first product filings in June 2007, and approved them within 30 days of submission.

Listen to the NAIFA GovPod on the State of State Insurance Regulation.

Quick facts about the Interstate Compact:

Staff Contact:

Michael E. Gerber
Vice President and General Counsel
mgerber@naifa.org

More information

Back to Main Insurance Regulatory Reform Page

Visit the Legislative Action Center to learn more about the Interstate Compact.